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connection with the taxation of such property by such Taxing Agency last equalized prior to the effective date of the ordinance adopting the Redevelopment Plan, or the respective effective dates of ordinances approving amendments to the Redevelopment Plan that added territory, as applicable (each, a "base year valuation"), will be allocated to, and when collected will be paid into, the funds of the respective Taxing Agencies as taxes by or for the Taxing Agencies on all other property are paid; and (b) To the Former Agency/Successor Agency: Except for that portion of the taxes in excess of the amount identified in (a) above which are attributable to a tax rate levied by a Taxing Agency for the purpose of producing revenues in an amount sufficient to make annual repayments of the principal of and the interest on, any bonded indebtedness approved by the voters of the Taxing Agency on or after January 1, 1989 for the acquisition or improvement of real property, which portion shall be allocated to, and when collected shall be paid into, the fund of that. Taxing Agency, that portion of the levied taxes each year in excess of such amount, annually allocated within the Redevelopment Plan limit, when collected will be paid into a special fund of the Former Agency/Successor Agency. Section 34183 of the Dissolution Act effectively eliminates the January 1, 1989 date from this paragraph. Additionally, effective September 22, 2015, debt service override revenues approved by the voters for the purpose of supporting pension programs, capital projects, or programs related to the State Water Project, that are not pledged to or needed for debt service on successor agency obligations are allocated and paid to the entity that levies the override and will not be deposited into the RPTTF. Tax revenues generated as set forth under (b) above and allocated to the Successor Agency constitute a portion of the Tax Revenues, as that term is used in the Official Statement. Pledged Tax Revenues For the security of the Bonds, the Successor Agency grants a pledge of and lien on all of the Tax Revenues. Tax Revenues are defined under the Indenture as all taxes annually allocated and paid to the Successor Agency pursuant to Article 6 of Chapter 6 (commencing with Section 33670) of the Law, Section 16 of Article XVI of the Constitution of the State and other applicable state laws and as provided in the Redevelopment Plan available for or deposited into the RPTTF, [to the extent not payable with respect to Pass Through Obligations, and subject to the equal and senior claims of indebtedness, if, any.] If, and to the extent, that the provisions of Section 34172 or paragraph (2) of subdivision (a) of Section 34183 of the Dissolution Act are invalidated by a final judicial decision, then Tax Revenues will include all tax revenues allocated to the payment of indebtedness pursuant to California Health and Safety Code Section 33670 or such other section as maybe in effect at the time providing for the allocation of tax increment revenues in accordance with Article XVI, Section 16 of the California Constitution. The Successor Agency has covenanted and agreed in the Indenture that all Tax Revenues when and as received, will be received by the Successor Agency in trust hereunder and will be transferred to the Trustee within a reasonable period of time from the receipt by the Successor Agency, for deposit by the Trustee in the Tax Increment Fund and will be accounted for through and held in trust in the Tax Increment Fund, and the Successor Agency will have no beneficial right or interest in any of such money, except only as specifically provided otherwise in the Indenture. All such Tax Revenues, whether received by the Successor Agency and held in trust pending transfer or deposited with the Trustee, all as provided in the Official Statement, shall nevertheless be disbursed, allocated and applied solely to the uses and purposes set forth in the Indenture, and shall be accounted for separately and apart from all other money, funds, accounts or other resources of the Successor Agency. Any Tax Revenues received by the Trustee in the Tax Increment Fund (other than amounts deposited in the Reserve Account) in excess of the amounts required to be held by the Trustee in the Tax Increment Fund shall be released from the pledge and lien hereunder and transferred to the Successor Agency and may be used for any lawful purpose of the Successor Agency. 13 SA -3-27